Sen. Bob Casey said many middle class families
are facing challenges with wages and with
costs.
He said child care, health care and
prescription costs are increasing and the
middle class needs a break.
"We had a surge in wages after World War II,
basically from 1948 to 1973 by one estimate,"
Casey said. "So for about a quarter of a
century every time productivity one up, wages
went with it."
Casey said those wages have flattened in recent
decades even as productivity increased.
He said the nation has not seen substantial
wage growth in at least 40 years.
Casey said altering tax laws can offer relief.
"In essence, the equivalent of raising wages is
give a real tax cut to the middle class. A
substantial break to the middle and people trying
to get to the middle," Casey said. "You could do
that through the tax code."
Casey said he's often asked where all that money
would come from.
"Well the top 1%, their tax cut alone in one
year cost more than $50 billion [and] by one
estimate maybe $55 (billion) or $56 billion,"
Casey said. "There's a lot of money to give
relief to tens of millions of people."
Casey called the change in the tax code a
short-term solution, but he said education is
the key to long-term growth.
"The best way to raise wages over time is to
have higher levels of education," he said.
Casey said providing students with adequate
educational resources and instruction will help
them receive higher wages in the future.